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Feasibility study for crop and livestock index-insurance - Papua New Guinea

Content owner: 
World Bank Group
Topics: 
Product design
Weather index
Micro-level
Papua New Guinea (PNG) is a lower middle income country located in the Asian-Pacific region. Agriculture is the predominant source of livelihood in the country, with the agricultural sector accounting for 67% of the total labor force and 35% of the GDP in 2010. PNG has a very high exposure to earthquake, tsunami and volcanoes as well as being affected by climatic perils including tropical cyclones and the influence of the El Nino Southern Oscillation (ENSO) cycle which brings with it extremes of drought and excess rain and flooding. The Government of PNG identifies that agriculture has and...
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Feasibility study for macro and meso-level index insurance - Jamaica

Content owner: 
World Bank Group
Topics: 
Product design
Weather index
Jamaica faces a variety of natural hazards and, on a combined-hazard basis, is among the most vulnerable countries in the world . It lies in the center of the Atlantic hurricane belt, on a complex area of the northern Caribbean Plate margin, and is subject to tropical rainfall and erosion processes. Agriculture in Jamaica is vulnerable to various risks ranging from extreme winds, extreme rain and droughts . However, a large part of the agricultural sector, including large integrated supply chains as well as small farmers, is absorbing all the climate risks, without any risk out-transfer...
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Feasibility study for macro and meso-level index insurance - Dominican Republic

Content owner: 
World Bank Group
Topics: 
Product design
Weather index
Area yield
The recent path of Tropical Storm Isaac in September 2012 caused the destruction of plantain fields in the South Region. This situation forced the national authorities to provide in-kind assistance (i.e. planting materials, fertilizers, cleaning labor, land preparation) to the most affected farmers. Although some private insurers provide agriculture insurance, the Ministry of Agriculture does not have a pre-defined budget to tackle the negative effects caused by events in the agricultural sector while it faces significant contingent liabilities in this sector. The Ministry of Agriculture of...
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Parametric Insurance: A hopeful vision coming to life

Wed, 01/14/2015
Topics: 
Product design
Weather index
Area yield
Product distribution
Despite representing only a small portion of the total Property & Casualty market, parametric insurance has evolved rapidly in the last decade. This relatively new approach to insurance is index-based. At AXA, we believe that parametric insurance will continue to flourish in the future. Despite representing only a small portion of the total Property & Casualty market, parametric insurance has evolved rapidly in the last decade. This relatively new approach to insurance is index-based. For instance, in some geographies, claims could be paid out based on actual meteorological conditions...
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Climate Corporation Builds Massive Data Platform for Agriculture in the US

Wed, 01/14/2015
Topics: 
Product design
Weather index
Hybrid
Catastrophe weather derivative
Product distribution
According to The Climate Corporation – a tech company based in San Francisco -- data science has the potential to fundamentally improve the productivity and sustainability of global agriculture. Since 2007, the Climate Corporation has been hard at work building a technology platform that combines hyper-local weather monitoring, agronomic data modeling, and high-resolution weather simulations that are updated hourly. On the platform (see www.climate.com ), Climate has built products to protect farmers with index-based insurance and improve profits with software that help farmers make more...
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Can Weather Index Insurance Increase Finance for Smallholder Farmers?

Wed, 01/14/2015
Topics: 
Product design
Weather index
Product distribution
Micro-level
Meso-level
Smallholder farmers need finance. According to a recent report of 1,800 banks conducted by the Initiative for Smallholder Finance – “ Local Bank Financing for Smallholder Farmers: A $9 Billion Drop in the Ocean ” - local banks in developing countries are currently lending approximately $9 billion to smallholder farmers compared to a total estimated demand of $300 billion globally for smallholder finance ($450 billion if China is included) . Although smallholder farmer financing also occurs through MFIs and non- financial intermediaries like supply chain participants, cooperatives and...
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Interview with Benjamin Collier, Research Fellow at the Wharton Risk Management and Decision Processes Center

Wed, 01/14/2015
Topics: 
Data management
Earthquake data
Satellite data
Product design
Product distribution
Collier argues that index insurance is best suited to cover disasters which occur every 20 years or greater because severe risks lower premium costs. Below are excerpts form the interview. Q: You have done substantial research, notably with Jerry Skees on index insurance. Why do you think that index insurance needs to be designed as “disaster insurance” rather than “crop insurance”? A: We need a new frame of reference for household markets. Up to now, the consensus focus has been crop yields. Yet the effects of bad weather on household well-being are often multifaceted and poorly captured by...
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IFC Agri-Insurance Expert Gary Reusche on Public Private Partnerships and Portfolio Approach

Wed, 01/14/2015
Topics: 
Public/Legal frameworks
Legal/Regulatory frameworks
Product design
Weather index
Product distribution
Farmers know that there will be years when the crop yields are reduced, or prices will be low. Perhaps they will diversify their crops, depend on livestock, or purchase a system to irrigate their crops. All these are ways to mitigate and reduce their risks. When there is no insurance culture or trust in insurance companies -and insurance companies themselves may not have extensive experience selling agricultural insurance - there is understandably little interest to purchase crop insurance. In such cases, it is the government who is the de facto insurer because crop losses of more than 50...
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IFC and Partners to Launch Typhoon Insurance for Filipino Farmers

Wed, 01/14/2015
Topics: 
Data management
Earthquake data
Legal/Regulatory frameworks
Product design
Catastrophe weather derivative
Country: 
Philippines
IFC will work with the Center for Agriculture and Rural Development Insurance Agency and the Pioneer Insurance and Surety Corporation to design new insurance products that aim to protect Filipino farmers against typhoon-related losses, which are estimated to have exceeded $2.5 billion since 2009. According to the 2012 World Disaster Report, the Philippines ranks as the third most disaster-prone country in the world, with an average of 20 typhoons per year. The project will enable CARD Insurance and Pioneer Insurance to offer indemnity insurance to thousands of farmers and rural entrepreneurs...
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ILO and World Bank Group to Enhance Access to Index Insurance in Rural Areas in Africa and Asia

Wed, 01/14/2015
Topics: 
General
Data
Data providers
Legal/Regulatory frameworks
Product design
Weather index
Geneva, Switzerland July 24, 2014 – The International Labour Office (ILO) and the World Bank Group (WBG) have signed a memorandum of understanding that aims to provide access to improved insurance products to hundreds of thousands of smallholder farmers, small businesses and individuals in Asia and Africa. The three year partnership is the first-of-its-kind within the rapidly evolving index insurance industry. The Facility and GIIF combine their strengths to improve the delivery of index insurance to farmers and their families as well as businesses, through extraction, dissemination and...
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